Ethereum forecast for the week of February 26, 2018, Technical Analysis

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Updated: Feb 24, 2018, 04:23 UTC

Ethereum initially fell during the week but did find enough support to turn around and bounce a bit. The market looks as if it is trying to form a bit of a hammer, and that it is going to try to rally from here. Ultimately though, I think that the market is going to be noisy, and we may have to go sideways for a while. Longer-term traders are going to find it difficult to hang onto this position.

ETH/USD

Ethereum initially fell during the course of the week, turning around to bounce above the $860 level. The market looks likely to continue to find a certain amount of noise in this market, and I see this as a market that should continue to reach towards the $1000 level above. I believe that area near the $1000 level should be massive resistance and be difficult to break above. Ultimately, I think that it is going to be a situation where we go back and forth over the next couple of weeks.

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ETH/USD weekly chart, February 26, 2018

ETH/EUR

Ethereum were also noise against the Euro, initially falling but then turning around to form a bit of a hammer. However, I see a significant amount of resistance near the €800 level, so I don’t think it could be that easy to break out to the upside. Beyond that, Bitcoin markets look a bit suspicious as well, and that might weigh upon the entirety of the crypto currency space, with the theory and being no different. Longer-term, if we can break above the €800 level, the pair is probably likely to go to the €1000 level. Alternately, we could drift to test the bottom of the hammer that formed a couple of weeks ago, meaning that we could go as low as €500. One thing I think you can count on is noisy trading.

ETH/USD Video 26.02.18

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ETH/EUR weekly chart, February 26, 2018

About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.